Ten-year and 30-year yields eventually will be much higher. But I bought some 10-year Treasuries when the yield rose to 3%, because in the near term, yields could retreat to 2.5% or 2.2% or even 2%.
The economic recovery is in its fifth year. On March 6, the bull market in stocks will be five years old. That's long, by historical standards. Sometime this year, the stock market could see a big tumble, as in 1987. Then the long bond will rally and reward Bill Gross.